Blue Ridge Bankshares Q3 2024 Update

TL;DR

**BRBS Q3 2024: Loans, BOLI, and maturing debt. Check financials.**

AI Summary

Blue Ridge Bankshares, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and includes information on various loan types, such as consumer and real estate loans, as well as investments in Bank Owned Life Insurance. The company also reported on its subordinated debt, including "Two Thousand Twenty Nine Notes" which matured in 2024.

Why It Matters

This filing provides insight into the financial health and operational activities of Blue Ridge Bankshares, Inc. during the third quarter of 2024, impacting investors and stakeholders.

Risk Assessment

Risk Level: medium — The filing contains financial data and disclosures typical of a bank holding company, which inherently carries market and credit risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-01-01 to 2024-09-30 — Reporting Period (Covers the first nine months of fiscal year 2024.)

Key Players & Entities

• BLUE RIDGE BANKSHARES, INC. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 888-331-6521 (phone_number) — Business Phone
• us-gaap:AccumulatedOtherComprehensiveIncomeMember (financial_metric) — Financial Reporting Item
• brbs:ConsumerLoansMember (loan_type) — Loan Category
• us-gaap:RealEstateLoanMember (loan_type) — Loan Category
• brbs:BankOwnedLifeInsuranceMember (investment_type) — Investment Category
• brbs:TwoThousandTwentyNineNotesMember (debt_instrument) — Specific Debt Mentioned
• us-gaap:SubordinatedDebtMember (debt_type) — Debt Category

FAQ

Filing Documents

• brbs-20240930.htm (10-Q) — 6768KB
• brbs-ex31_1.htm (EX-31.1) — 14KB
• brbs-ex31_2.htm (EX-31.2) — 14KB
• brbs-ex32_1.htm (EX-32.1) — 6KB
• 0000950170-24-122469.txt ( ) — 28294KB
• brbs-20240930.xsd (EX-101.SCH) — 2280KB
• brbs-20240930_htm.xml (XML) — 8154KB

Financial Statements

Financial Statements 3 Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023 (unaudited) 8

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 10 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 56 Item 4.

Controls and Procedures

Controls and Procedures 56 PART II OTHER INFORMATION 57 Item 1.

Legal Proceedings

Legal Proceedings 57 Item 1A.

Risk Factors

Risk Factors 57 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 58 Item 3. Defaults Upon Senior Securities 58 Item 4. Mine Safety Disclosures 58 Item 5. Other Information 58 Item 6. Exhibits 59

FINAN CIAL INFORMATION

PART I. FINAN CIAL INFORMATION

Financi al Statements

Item 1. Financi al Statements Blue Ridge Bankshares, Inc. Consolidated B alance Sheets (unaudited) (Dollars in thousands except share data) September 30, 2024 December 31, 2023 (1) ASSETS Cash and due from banks $ 281,698 $ 110,491 Restricted cash 4,160 10,660 Federal funds sold 2,910 4,451 Securities available for sale, at fair value 314,784 321,081 Restricted equity investments 20,891 18,621 Other equity investments 4,525 12,905 Other investments 21,344 29,467 Loans held for sale 22,082 46,337 Loans held for investment, net of deferred fees and costs 2,180,413 2,430,947 Less: allowance for credit losses ( 25,453 ) ( 35,893 ) Loans held for investment, net 2,154,960 2,395,054 Accrued interest receivable 13,171 14,967 Premises and equipment, net 21,621 22,348 Right-of-use lease asset 7,764 8,738 Bank owned life insurance 14,953 48,453 Other intangible assets 4,201 5,382 Mortgage servicing rights, net 19,502 27,114 Deferred tax asset, net 18,248 21,556 Other assets 17,877 19,929 Total assets $ 2,944,691 $ 3,117,554 LIABILITIES & STOCKHOLDERS' EQUITY Deposits: Noninterest-bearing demand $ 459,793 $ 506,248 Interest-bearing demand and money market 748,416 1,049,536 Savings 103,820 117,923 Time 1,034,463 892,325 Total deposits 2,346,492 2,566,032 FHLB borrowings 190,000 210,000 FRB borrowings — 65,000 Subordinated notes, net 39,806 39,855 Lease liabilities 8,537 9,619 Other liabilities 23,509 41,059 Total liabilities 2,608,344 2,931,565 Commitments and contingencies (Note 8) Stockholders' Equity: Common stock, no par value; 150,000,000 and 50,000,000 shares authorized at September 30, 2024 and December 31, 2023, respectively; 73,474,147 and 19,198,379 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 300,763

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Note 1 – Organization and Basis of Presentation Blue Ridge Bankshares, Inc. (the "Company") conducts its business activities primarily through its wholly-owned subsidiary bank, Blue Ridge Bank, National Association (the "Bank") and its wealth and trust management subsidiary, BRB Financial Group, Inc. (the "Financial Group"). The Company exists primarily for the purposes of holding the stock of its subsidiaries, the Bank and the Financial Group. The accompanying unaudited consolidated financial statements of the Company include the accounts of the Bank and the Financial Group and were prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and general practices within the banking industry. All significant intercompany balances and transactions have been eliminated in consolidation. These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, as amended (the "2023 Form 10-K"). The Company's significant accounting policies are disclosed in Note 2 of the audited financial statements and notes for the year ended December 31, 2023 and are contained in the 2023 Form 10-K. There have been no significant changes to the application of significant accounting policies since December 31, 2023. Certain amounts presented in the consolidated financial statements of prior periods have been reclassified to conform to current year presentations. The reclassifications had no effect on net income (loss), net earnings (loss) per share, total assets, total liabilities, or stockholders' equity as previously reported. Restatement On October 31, 2023, the Company and the Audit Committee of its board of directors, after consultation with the Company's independent registered public accounting firm a

View Full Filing

View this 10-Q filing on SEC EDGAR